Krill Meal Powder Market Size, Share, Growth, Forecast and Outlook (2024-2031)

Global Krill Meal Powder Market is segmented By Type (Feed Grade Krill Meal Powder, Food Grade Krill Meal Powder) By Application (Pet Food, Aquaculture Feed, Animal Feed, Human Food, Others) By Packaging (Bottles, Bags, Others) By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Krill Meal Powder Market Size

Global Krill Meal Powder Market reached US$ 450.1 million in 2023 and is expected to reach US$ 706.6 million by 2031, growing with a CAGR of 5.8% during the forecast period 2024-2031.

The increasing consumer awareness regarding the health benefits associated with krill meal powder has been a major driver. Krill is a rich source of omega-3 fatty acids, phospholipids, and astaxanthin, which are known for their various health benefits, including cardiovascular health, cognitive function, and anti-inflammatory properties. As consumers become more health-conscious and seek out natural supplements, the demand for krill meal powder as a nutritional supplement has been on the rise.

Fish diets use krill meal, a unique marine protein source made from Euphausia superba and E. Pacifica. 33%–55% protein, 15%–20% fat, and 15%–28% ash are found in krill meal. In addition to possessing a well-balanced amino acid profile, krill meal contains astaxanthin, which gives salmon and trout muscle tissue as well as the skin of many fish and prawn species their distinctive color.

Feed-grade krill meal powder held a significant share of the global krill meal powder market due to its widespread application in the feed industry. Similarly, North America held a significant share of the global market due to the region’s growing awareness about krill-based products including krill meal powder.

Krill Meal Powder Market Summary

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Krill Meal Powder Market Dynamics

Increasing Demand for Nutrient-rich Animal Feed

With a growing population and rising disposable incomes, there is a heightened demand for high-quality animal products such as meat, dairy, and eggs worldwide. To meet this demand and ensure optimal animal health and productivity, there is a corresponding need for nutrient-rich feed ingredients that can provide essential vitamins, minerals, proteins, and fatty acids.

According to the International Feed Industry Federation (IFIF), the yearly production of compound feed is projected to be more than one billion tonnes worldwide. The production of commercial feed on a global scale is estimated to generate over $400 billion in revenue annually. This growing feed industry worldwide drives the demand for nutrient-rich animal feed.

Krill meal powder, derived from Antarctic krill, is gaining popularity as a valuable ingredient in animal feed formulations due to its exceptional nutritional profile. Krill are rich sources of omega-3 fatty acids, astaxanthin, phospholipids, and other bioactive compounds that offer numerous health benefits to animals. Omega-3 fatty acids, in particular, play a crucial role in supporting cardiovascular health, immune function, and overall growth and development in livestock and aquaculture species.

Rising Consumer Awareness of Health Benefits

Rising consumer awareness about the health benefits of krill meal powder is playing a significant role in driving the global market growth. As consumers become more health-conscious and seek out natural and sustainable dietary supplements, they are increasingly turning to krill-based products for their unique nutritional properties. Krill meal powder is renowned for its high levels of omega-3 fatty acids, including eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which are essential for supporting cardiovascular health, brain function, and joint health.

Moreover, krill meal powder contains astaxanthin, a potent antioxidant that gives krill its distinctive red color. Astaxanthin has been linked to various health benefits, including reducing inflammation, protecting against oxidative stress, and supporting skin health. As consumers become more aware of the importance of antioxidants in maintaining overall well-being, the inclusion of astaxanthin-rich krill meal powder in their diets is gaining popularity.

Sustainability Concerns

Despite being considered a sustainable source of marine protein, concerns about overfishing and the impact of krill harvesting on marine ecosystems may restrain market growth. Consumers and regulatory bodies are increasingly scrutinizing the sustainability practices of krill harvesting companies, which could lead to stricter regulations and limitations on krill meal powder production.

Additionally, the market for omega-3 supplements and marine-derived nutrients is highly competitive, with alternative sources such as fish oil and algae-derived supplements offering similar health benefits. Sustainability concerns in the krill meal powder market may prompt customers to seek alternative solutions, leading to a restraint in its market growth. As consumers become more conscious of environmental and ethical issues, they may opt for products that offer sustainable and eco-friendly alternatives to krill meal powder.

Krill Meal Powder Market Segment Analysis

The global krill meal powder market is segmented based on type, application, packaging, distribution channel, and region.

Widespread Application of Krill Meal Powder in Animal Feed

In the global krill meal powder market, feed-grade krill meal powder holds a significant share, driven by its widespread application in animal feed formulations. Feed-grade krill meal powder is valued for its high nutritional content, particularly rich in essential fatty acids, proteins, and antioxidants, making it a desirable ingredient for enhancing the nutritional profile of animal feed. This type of krill meal powder is extensively utilized in aquafeed formulations for various aquatic species, including fish, shrimp, and other marine organisms, owing to its ability to support growth, immune function, and overall health.

In a study conducted by the Norwegian Institute of Food, Fisheries, and Aquaculture (Nofima) in May 2020, in collaboration with Aker BioMarine, dietary krill supplementation showcased promising health benefits for Atlantic salmon. The study highlighted improvements in body shape, heart health, and fillet quality with the inclusion of krill meal in the salmon's diet. Additionally, boosted expression of immune genes in the liver and reduced inflammation in the hindgut were observed, signaling positive effects on salmon health and well-being.

Krill Meal Powder Market Geographical Share

Increasing Demand for Nutritional Supplements and Animal Feed in North America

The region's burgeoning demand for natural and sustainable animal feed ingredients has fueled the adoption of krill meal powder across diverse end-user industries. With a growing emphasis on environmentally friendly and ethically sourced products, North American consumers are increasingly drawn to krill-based supplements for their nutritional benefits and ecological sustainability.

In June 2022, Aker BioMarine got FDA approval to utilize its krill-based feed additive, QRILL Aqua, in the Atlantic salmon sector in the United States. Aker's QRILL Aqua and QRILL high protein meal have been given FDA approval to be used in salmon diets. These type of regulatory approvals marks a significant milestone in the expansion of the krill meal powder market, particularly in North America. This regulatory clearance opens up new avenues for the adoption of krill-based nutritional supplements in the region driving increased demand for krill meal powder products.

COVID-19 Impact Analysis

The COVID-19 pandemic had a notable impact on the global krill meal powder market, influencing various aspects of production, distribution, and consumption. One significant effect was observed in the supply chain dynamics, as pandemic-induced restrictions disrupted the smooth flow of goods globally. With limitations on movement and transportation, sourcing raw materials for krill meal powder production became challenging.

This disruption in the supply chain led to fluctuations in availability, affecting both production levels and the distribution of krill-based products to consumers worldwide. Additionally, consumers' purchasing behavior transformed, with many prioritizing essential items over specialty or luxury food products. As a result, the demand for krill meal powder from both the food service industry and individual consumers experienced a decline during the pandemic.

Russia-Ukraine War Impact Analysis

The conflict between Russia and Ukraine disrupted global supply chains and heightened market uncertainties, impacting various industries worldwide, including the krill meal powder market. These disruptions can lead to delays in shipments, increased transportation costs, and difficulties in accessing key markets. Consequently, this can create uncertainty and volatility in the krill meal powder market, affecting both supply and demand dynamics.

Key Developments

• In January 2021, Aker BioMarine, launched Invi, Invi, a hydrolyzed krill protein isolates for powders, meals, and drinks derived from defatted krill meal.
• In December 2022, research from Labomar and Aker BioMarine found that krill meals can lower nutrition costs without compromising essential components when added to prawn feed formulations.

Krill Meal Powder Market Key Players

The major global players in the market include Holista, JH Baits, Qingdao Antarcare Biotech Co., Ltd., Shandong Kangjing Marine Biotechnology Co., Ltd, Bioextraction Technology LLC, Aker BioMarine, Florida Aqua Farms, Inc, Kessler Zoologiewholesale GmbH & Co. KG, Spotted Fin, Brine Shrimp Direct, Inc.

Why Purchase the Report?

• To visualize the global krill meal powder market segmentation based on type, application, packaging, distribution channel and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of krill meal powder market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global krill meal powder market report would provide approximately 70 tables, 64 figures, and 209 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies